Calgary Real Estate Market Update for March 2016
– As expected, home prices trend down in March 2016 –
Continued layoffs in several of Alberta’s industries have contributed to further price declines last month. The residential benchmark price in Calgary dropped nearly half a percent compared with February 2016 and 3.51 percent on a year-over-year basis.
- See our Calgary Real Estate Market Update for February 2016 here.
It comes as no surprise that the market has continued to experience downward pressure on housing prices and sales activity due to the economic condition of the province.
Unemployment rates in Alberta are at the highest levels seen since the early 1990’s, rising to 8.4 percent in February 2016 which was a half percent higher than Canada’s provincial average at the time.
March 2016 Real Estate Market Facts & Statistics
- 1,588 total units sold, 11 percent lower year-over-year and 28 percent lower than long-term averages for March
- 6,084 units in inventory, increasing levels by seven percent over the previous month
- Average inventory levels have remained at about five months of supply throughout the first quarter of 2016
- 554 total units sold in condominium sector during first quarter, a 17 percent decrease compared to the same time frame in 2015
- $281,300 apartment benchmark price, a drop of nearly 5 percent year-over-year
- Both attached and detached sectors have seen a drop of 4 percent in benchmark prices compared to before the economic downturn began in 2014
Moving into the spring and summer months there definitely has been more buyer traffic at open houses and showings, although this has not yet translated into sales for Calgary’s residential sectors.
It seems that home buyers are continuing to wait to see if further declines in residential benchmark prices will ensue before signing on the dotted line.
More Market Updates
See our complete list of month-to-month statistics, trends and analysis at our Calgary Real Estate Market Updates today.
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